Photo: Capitaland
Cover Photo: Capitaland

Capitaland Investment’s trading debut on the Singapore Exchange is notable because it is one of the world’s largest listed real estate investment managers

Real estate investment manager Capitaland Investment (CLI) made its trading debut at $2.95 on the Singapore Exchange (SGX) on September 20 using the trading name Capitalandinvest and the stock code, 9CI.

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CLI is taking over from Capitaland Limited which stopped trading at $4 on September 9. It will delist from the SGX on September 21 at 9 am.

Shareholders have received 100 shares of CLI for every 100 Capitaland shares owned. They also received $95.10 in cash and 15.5 units of Capitaland Integrated Commercial Trust.

The total implied consideration was at $4.102 per share. CLI shares were valued at $2.823 each.

CLI’s listing comes on the heels of Capitaland Limited restructuring its business to form two entities which are CLI, the listed real estate investment management business and Capitaland Development which is the privatised property development arm.

CLI had about $119 billion of real estate assets under its management as of June 30, 2021. Over 80 per cent of these assets are located in Asia. 

Currently, its real estate funds under management stand at about $83 billion. This spans six listed real estate investment trusts, business trusts and includes over 20 private funds.

In a statement on Monday, CLI chairman Miguel Koh said: “Today’s listing of CLI marks yet another milestone in Capitaland’s transformation journey. We remain unwavering in our focus to create long-term shareholder value and enhance our global competitiveness.”

He continued: “The ride ahead for CLI is an exciting one, filled with opportunities and potential as more global capital flows into Asia and the market increasingly appreciates the value of Asia-based real estate investment managers.”

He added that CLI’s board and management intend to continue the company’s “journey of proactively enhancing (its) already-strong foundation” in real estate investment and management.

The company recently refreshed its leadership council with Mr Lee Chee Koon, who spearheads CLI as group chief executive and executive non-independent director, Andrew Lim, the group chief financial officer and Mr Manohar Khiatani who is CLI’s senior executive director. 

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